Hong Kong’s Kerry Properties has secured a prime residential plot in Shau Kei Wan for US$177 million. The company beat seven other bidders to win a 50-year grant on the 1,349-square-metre site in the Eastern district, the Lands Department announced on Monday. The plot is expected to offer over 130,000 square feet of gross floor area, enabling the development of about 300 residential units, according to Kerry Properties. Calvin Tong, director and general manager for Hong Kong at Kerry Properties, said, "We are delighted that Kerry Properties has successfully secured the site at Shau Kei Wan Main Street East." He highlighted the site’s advantages, mentioning its strong transport connectivity, comprehensive lifestyle facilities, and limited supply of new residential projects in the area. This acquisition adds to Kerry Properties’ growing portfolio of developments in key urban locations across Hong Kong.